Are you a property owner or manager looking to increase tenant retention and lease renewals? 🤔
Keeping good tenants is crucial to a successful rental property business, and the lease renewal process plays a big role in this. Here are a few tips to help you improve tenant retention and increase lease renewals:
- Start early: Begin talking to tenants about lease renewal at least 90 days before the lease expires.
- Be proactive: Address any tenant concerns or issues in a timely and effective manner.
- Add value: Consider small rent increases every year instead of large rent increases every few years. Small annual rent increases are more valuable because they have a better effect on the tenant-landlord relationship and generate the same or higher rents in the long run.
- Be fair: Avoid rent increases that are too high, and ensure lease renewal terms are reasonable and transparent.
- Communicate clearly: Provide clear and concise lease renewal options and make the process as easy as possible for tenants.
By following these tips, you can improve tenant retention and increase lease renewals, leading to a more successful and profitable rental property business.
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